Social Skills and the Millennial Generation

There are over 84 million Gen Yers (or Millennial) in the population, according to 2000 Census Data. Millennial are member of the generation of children who were born between the years 1977 and 1994. One quarter of the US population is part of this generation. This group is poised to make up the bulk of the overall US population within the next 20 years. This generation is a diverse group with 1 in 3 non-Caucasian and 1 in 4 from a single parent home.

According to national studies from 2007, three quarters of the home buyers were between 18 and 24 years old and purchased a home because of their desire to own a home and establish a household. They are looking for stability, home buying agents they can trust, and a fair price. This group is also less emotionally tied to a house and is even now just waiting for the market to stabilize to move on.

Millennial want data, but they also want to work collaboratively to reach their goal of home ownership. They are computer savvy, knowing and expecting that more information is just a click away. They also know, as should you, that the competition is only a click away as well.

From now onward you, as the real estate agents and investor, must also be computer savvy and be ready to provide easy to access information for this new plugged in buyer. The communications will not only be the traditional phone. These new buyers are technology “expert users” and want contact day or night utilizing texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting.

Home buying will change to a new level of “real time” processing and decision making. Home buyers will have all of their facts available online and will make the home buying decision swiftly after they are well informed. They will not be driven to many houses until they select the house they desire most, cutting days off the selection process.

Facebook, LinkedIn, Twitter, My Space, FriendFeed, and ActiveRain are some of many tools focused on facilitating conversations. Social networking is ultimately about conversations which is important to your future customers. Thus you, as the real estate agent and investor, must acquire and develop these skill quickly.

The numbers speak for themselves. For example: Facebook – 100 million active subscribers, 30 million photos uploaded daily. LinkedIn – 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. ActiveRain – This is the hotspot for real estate professionals to learn from each other.

In order to move houses quickly and with less emotion in the future, real estate agents and investors will have to learn the new rules and capabilities. Technology is creating a new level of competition that the “boomers” will have to figure out when the market heats up.